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Uzbek Government Seeks To Attract Foreign Investors With Tax Concessions

Uzbek President Islam Karimov
Uzbek President Islam Karimov has issued a decree offering tax concessions for foreign investors and rules limiting the government from interfering in foreign-owned companies.

According to the decree, international companies with investments worth over $5 million will be exempt from any changes to tax legislations for a period of ten years.

It also instructs justice officials to ensure that law enforcement agencies don't restrict the work of foreign companies.

The decree says the global financial crisis has prompted Uzbekistan to look for new ways to modernize its economy.

A series of scandals involving the alleged seizure of assets of joint ventures have tarnished Uzbekistan's reputation among investors.

Based on reporting by AP